Blue Owl Credit Private Fund Advisors LLC

Item 5 – Fees and Compensation

 Management Fees

 •   Blue Owl Credit CLO Funds

     The Blue Owl Credit CLO Funds generally compensate their applicable Blue Owl Credit CLO
     Adviser for its investment management services through annual management fees based on
     the value of the assets held by the Blue Owl Credit CLO Funds and payable quarterly in arrears.
     Management fees include both a senior base management fee and a subordinated
     management fee.

     Advisory fees paid by each Blue Owl Credit CLO Fund are paid from the assets of such fund
     and are indirectly borne by the holders of the junior-most securities issued by such fund
     (which will generally include the applicable Blue Owl Credit CLO Adviser, an affiliate or a Blue
     Owl Credit Fund).

     Each Blue Owl Credit CLO Adviser currently waives its rights to receive any portion of the
     management fees on any payment date but may end such waiver at any time.

 •   Blue Owl Private Funds

     The Blue Owl Private Funds generally compensate the Blue Owl Credit CLO Advisers or their
     affiliates for their investment management services through an annual management fee with
     respect to each Investor, payable quarterly in advance. Management fees charged with
     respect to each Investor can be negotiable and typically are equal to a specified percentage
     per annum, as described in the relevant Offering Materials.

   Subject to the relevant Offering Materials, management fees may be offset by the Investors’
   share of any directors’ fees, monitoring fees, commitment fees, transaction fees, closing fees
   and break-up fees received by the Blue Owl Credit CLO Advisers or affiliates with respect to
   any investment made by the Blue Owl Private Fund. However, the Blue Owl Credit CLO
   Advisers or their affiliates are expected to provide a broad range of financial services to Blue
   Owl Private Funds, as well as intermediate structuring vehicles (including wholly owned
   subsidiaries), Portfolio Investments or prospective Portfolio Investments, or third parties
   (including co-investors, tenants, borrowers, or others), for which they will receive fees that
   are not subject to any offset of management fees (“Capital Markets Fees”). For example, the
   Blue Owl Credit CLO Advisers have received in the past, and expect to continue to receive,
   arranger fees related to services provided as lead arranger. Certain affiliates are also expected
   to receive fees for providing capital markets services, insurance brokerage services, acting as
   special servicer, and providing certain title services (together with Capital Markets Fees,
   “Affiliated Service Provider Fees”). In each case, these Affiliated Service Provider Fees will not
   offset management fees, even though they may be borne, directly or indirectly, by the Blue
   Owl Private Funds. Refer to Item 10—Code of Ethics, Participation or Interest in Client
   Transactions and Personal Trading and Item 14—Client Referrals and Other Compensation
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   for additional information about these fees and services.

   Where a management fee is subject to offset pursuant to the relevant Blue Owl Private Fund’s
   Offering Materials, the Blue Owl Credit CLO Advisers will typically be paid fees from or with
   respect to co-investors and other owners of an investment. As a result, a Blue Owl Private
   Fund will not benefit from (and the Blue Owl Credit CLO Advisers are expected to retain) the
   portion of any fee related to, among other items: (i) relevant general partner, affiliated
   partner or similar fee-free Investor commitments or (ii) co-investors or potential co-investors
   (which could include co-investment vehicles managed by the Blue Owl Credit CLO Advisers. A
   Blue Owl Credit CLO Adviser’s ability to retain such amounts provides it with an incentive to
   increase the portion of each relevant investment held by such persons. Fee offsets are
   generally performed on a net basis, after giving effect to certain taxes and other expenses in
   connection with the receipt of such fees or the provision of related services.

   Management fees are deducted directly from the account of each Blue Owl Private Fund.
   Should a Blue Owl Private Fund liquidate during a quarterly period, any prepaid, unearned
   management fees will be refunded.

   Each Blue Owl Credit CLO Adviser, in its discretion, is permitted to waive, alter or rebate the
   management fee applicable to all or any Investors.

Performance Fees

The Blue Owl Credit CLO Funds do not pay a performance-based fee to the Blue Owl Credit CLO
Advisers. Refer to Item 6 – Performance-Based Fees and Side-By-Side Management for
discussion of performance-based compensation.

Additional Expenses

The fees described above cover only the Blue Owl Credit CLO Advisers’ investment management
services. The Blue Owl Credit CLO Funds and their Investors also bear, directly and indirectly,
certain additional expenses, in each case as described in the relevant Offering Materials.

Each Blue Owl Credit CLO Fund typically pays, or reimburses Blue Owl Credit for, operating
expenses and organizational expenses related to such Blue Owl Credit CLO Fund. Expenses
permitted to be charged to a specific Blue Owl Credit CLO Fund are set out in the relevant Offering
Materials.

Organizational expenses for a Blue Owl Credit CLO Fund typically include those related to the
negotiation, preparation and execution of the Blue Owl Credit CLO Fund Offering Materials and
the offering and sale of the notes issued by the Blue Owl Credit CLO Fund (the “Notes”) to
prospective Investors, including any related rating agency expenses, legal payments, travel
expenses, printing costs, capital raising, accounting, regulatory compliance, administrative, filing
or other related expenses.

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Operating expenses for a Blue Owl Credit CLO Fund typically include those related to the ongoing
...

Item 7 – Types of Clients

Each Blue Owl Credit CLO Adviser provides investment advisory services to one or more of the
following:

   •   Blue Owl Private Funds;
   •   Blue Owl BDCs;
   •   SMA Clients; and
   •   Blue Owl Credit CLO Funds.

Blue Owl Credit CLO Funds

The Blue Owl Credit CLO Funds are discrete special purpose vehicles (“SPVs”) that hold Collateral
Obligations, primarily senior secured middle market loans (and participation interests therein).
Such SPVs maintain their own capital structures and generally consist of noteholders and equity
investors. CLOs are issued at discrete points in time and are typically closed to new investors once
a deal has been issued (subject to future refinancing or extensions, in accordance with the
governing documents).

The Investors in the Blue Owl Credit CLO Funds form the collateral pool to which the applicable
Blue Owl Credit CLO Adviser serves as the investment adviser. Therefore, each Blue Credit CLO
Adviser’s client is the SPV, not the underlying noteholders and/or equity investors within these
structures. The applicable Blue Owl Credit CLO Adviser arranges for the payment of interest and
principal to the Investors, and regularly reports to the Investors as to the performance of the
Collateral Obligations.

Blue Owl Credit CLO Fund Investors must be persons that are either (i) not “U.S. persons” (as
defined in Regulation S) or (ii) persons that are both Qualified Institutional Buyers (as defined in
Rule 144A) and Qualified Purchasers (as defined in the 1940 Act).

The Blue Owl Credit CLO Advisers can enter into side letters or other arrangements with certain
Blue Owl Credit CLO Fund Investors, which can modify or add to any of the terms in the relevant
Blue Owl Credit CLO Fund’s Offering Materials, including fee reductions, waivers or sharing
arrangements or other modifications.

In order to comply with the risk retention rules applicable in the United States and Europe (the
“Risk Retention Rules”), it is expected that all or a substantial portion of the equity interests in
each Blue Owl Credit CLO Fund will be purchased and retained by the applicable Blue Owl Credit
CLO Adviser, an affiliate or a Blue Owl Credit Fund as originator (directly or through a subsidiaries)
of a substantial portion of the Collateral Obligations purchased by such Blue Owl Credit CLO Fund.

Refer to Item 4 – Advisory Business for further discussion of the Blue Owl BDCs, the Blue Owl
Private Funds and the SMA Clients.

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